Erdenebileg B. is 40 years old and lives with his wife and three children in Uvs province, western Mongolia. He and his family have been living together in a house for 9 years. Erdenebileg began his carpentry business in 2003. He produces 'ger'--a traditional Mongolian housing tent--parts such as wooden walls, doors and poles, which make up a 'ger' roof while his wife sews shoes which are well-known as “a pair of white-soled shoes,” popular and warm.
Erdenebileg and his wife are working hard to expand their product line to include furniture as well. Erdenebileg would one day like to open a small factory in which he can produce even more products with ease. He is requesting a 500,000 MNT loan in order to purchase more wood, fabrics, finishing materials and supplies in order to expand his business and keep up with customers’ orders.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.